re: Ann: DMM: Supplementary Target's Stat... DMC directors plan to sell into CFE offer
AAP June 22, 2010, 8:59 am
DMC Mining directors say they intend to sell their shares and options to Cape Lambert Resources, which is seeking to take over the miner.
In a statement, DMC said it could not make a recommendation to shareholders about revised rival takeover bids from China's Meijin Energy Group and from Cape Lambert Resources because no final statements had been made from the suitors.
Cape Lambert has made an unconditional offer for DMC at 53 cents per DMC share, valuing the target at $46.04 million.
The Cape Lambert offer will end at 5pm on Friday unless extended.
Meijin had previously made a 53 cents per share offer for DMC, but it was conditional on securing a controlling interest in the company.
"The revised Cape Lambert offer is considered by the DMC board of directors to be superior to the revised Meijin offer," the company told the stock exchange.
"In the absence of a superior offer, and having considered their respective personal circumstances, the DMC directors intend to accept the revised Cape Lambert offer in respect of shares they hold or which result from the exercise of options, but only towards the end of the offer period."
DMC is a Perth-based explorer focused on the Mayoko iron ore project in the Republic of Congo.
At 8.55am, shares in DMC were trading down 1.5 cents, or 2.78 per cent, at 52.5 cents, while Cape Lambert was trading down one cent, or 2.25 per cent, at 43.5 cents.
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http://au.news.yahoo.com/thewest/business/a/-/wa/7438536/dmc-directors-plan-to-sell-into-cfe-offer/
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